No deal yet on China bid for Missan oil fields

Mixed signals from Oil Ministry on new offer from Chinese consortium for fields offered in first bidding round, which include famed Fakka field that saw Iranian occupation.

BAGHDAD - A top official in Iraq's Ministry of Oil and other observers say three oil fields offered as a package in a June 2009 auction have not yet been awarded to the Chinese group that failed on its previous bid attempt, despite media reports a deal has been reached.

The China National Offshore Oil Corp. (CNOOC) and Sinochem International Company have been in talks with the ministry on the Abu Ghirab, Buzurgan and Fauqi (aka Fakka) oil fields. The group made two offers, in June and again in July, but its lowest offer of a $18.09 remuneration fee for each additional barrel of oil produced was well above the $2.30 per barrel Iraq was willing to pay.

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription.